Feb 26, 2023 - Politics

An even bigger surplus? Minnesota economists to update budget forecast

Illustration of a common loon sitting on a pile of cash.

Illustration: Brendan Lynch/Axios

Minnesota's record $17.6 billion projected budget surplus could get even bigger this week.

Driving the news: The Minnesota Department of Management and Budget will release an updated budget forecast Monday, giving lawmakers and the public an updated look at the state of the state's finances.

Why it matters: Lawmakers at the DFL-controlled Legislature get to decide what to do with all that cash as they hammer out the next two-year budget over the next three months.

What to expect: Tax revenues have continued to outpace projections since the November forecast, meaning the size of the anticipated surplus should grow.

Yes, but: The forecast will also shed light on how state economists are viewing the state of the overall economy, including the potential impacts of a recession.

Details: MMB will post the top-line number on its website at 9:30am, before releasing the full forecast at an 11:30am news conference.

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